Real Estate Math
A homeowner who purchased property for $275,000 sells it for $450,000. Capital gains exclusion for a single filer is $250,000. What is the taxable gain?
A$175,000
B$0 — fully excluded✓ Correct
C$25,000
D$125,000
Explanation
Capital gain = $450,000 − $275,000 = $175,000. Exclusion for single filer = $250,000.
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